Due to the government’s initiative and push to increase the share of solar power in the country’s energy mix and falling equipment (PV Module) costs, the solar power industry in India is expected to have almost double growth during next few years.
India’s increasing efforts for expanding the share of renewable energy has led to a substantial increase in solar power generation in the past few years. The solar power industry in India has immense prospects to grow as the production of solar energy in our country is at a high rate due to multiple factors and geographical location in the tropics being one of them. Recent reports revealed that India receives annual radiation of more than 5000 trillion kWh, which if potentially gripped by the solar energy companies in India, will generate a generous amount of energy.
It is anticipated that the solar power industry in India is the 3rd largest in the world. India is currently in the state of recurrent power shortage and has a demand-supply gap of 12%. This is a huge gap and can be filled up only with the use of renewable sources of energy like solar power or solar energy in India. The solar power industry in India is growing day by day due to the government’s dedicated incentives and initiatives to the manufacturers of top solar energy companies, renewable energy companies, low operating costs of the top solar companies in India, and solar panels in India.
Due to the government’s initiative and push to increase the share of solar power in the country’s energy mix and falling equipment (PV Module) costs, the solar power industry in India is expected to have almost double growth during next few years.
The reduction in the cost of solar power together with a strategic policy of the government has resulted in an increase in the share of solar power into the energy mix of the country. Also, the Government of India has announced various policies and regulations for the future of solar energy in India to boost the prospects of solar energy in India and the solar power industry in India.
The solar sector in India has vast market potential. India has a humongous population of over 1 billion and a booming economy but still has always gone through the issue of shortage of energy. Our country has hardly ever been able to meet the electricity requirements of its ever-so-rapidly increasing population, even though the country is among the largest producers of electricity in the world. Hence, in this case, solar power companies have stormed the market in the form of a boon for the people.
The Indian government is planning to expand its solar plans, targeting US$100 billion in investment and 100 GW of solar capacity by 2022. The Government of India is keen on using a renewable source of energy and is undertaking various measures to promote green energy. The government has implemented various policies and regulation to boost the solar power generation in the country. Some of the schemes are accelerated depreciation, capital subsidy, Renewable Energy Certificate (RECs), Net Metering Incentives, Assured Power Purchase agreement etc. The government intends to reduce the capital expenditure in building a solar power plant, to make it economically viable for the entrepreneurs to get involved in the solar power franchise.
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